Last updated: 01:03 PM ET, Fri May 27 2016

Potential Sale Of Jamaica’s Long-Shuttered Palmyra Resort Reported

Hotel & Resort | Brian Major | May 27, 2016

Potential Sale Of Jamaica’s Long-Shuttered Palmyra Resort Reported

There may be signs of life — and a potential sale — at one long-stalled Jamaican resort project. The Jamaica Gleaner is reporting financial services firm Sagicor Group Jamaica has emerged as the “preferred buyer” of the shuttered Palmyra resort in Montego Bay’s Rose Hall district.

Sagicor has been selected from among a group of “overseas bidders” and is expected to pay $50 million for the partially complete, 280-room hotel and condominium complex, located on 16 acres of beachfront land in Montego Bay. Palmyra has been mostly shuttered and in receivership since July 2011, earning an unwanted distinction as Jamaica’s version of the Bahamas’ incomplete Baha Mar mega-resort.

Launched in 2005 by developer Robert Trotta, Palmyra was to feature three towers, of which two are complete. Of the complex’ 200 completed residences, 97 are reportedly available for sale. Palmyra’s originally planned 88 studio suites, 11 three-bedroom villas, 12,000 square feet of banquet and meeting facilities and 30,000-square-foot spa remain in various stages of construction.

Sagicor plans to complete the Palmyra development, according to the source cited in the Gleaner report. Sagicor currently operates three Jewel resorts propreties in Jamaica and one hotel, Hilton Rose Hall, located within close view of the Palmyra property.

The Palmyra resort entered receivership after Trotta's Palmyra Resorts & Spa Limited allegedly defaulted on debt totaling $110 million. The National Commercial Bank Jamaica and RBC Jamaica assumed control of the property, placing it into receivership.

Two years ago the developer filed suit in Jamaica’s Supreme Court to determine the property’s rightful owner. A hearing in the case will take place in four months, according to the Gleaner article.

Sagicor is the latest prospective buyer in a line of failed deals for the incomplete Palmyra development since 2012, when RBC Jamaica auctioned the complex but failed to find a successful bidder despite an international marketing campaign that sought buyers throughout the world.

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